Manufacturers caution FG on signing of African Trade Agreement

The new President of the Manufacturers Association of Nigeria, MAN, Engr Mansur Ahmed, has called for a detailed study of the potential benefits and costs of the African Continental Free Trade Agreement, AFCFTA, to Nigeria.

Mr. Ahmed, on Sunday, said though MAN recognises the potential value and desirability of expanding trade and economic integration in the Continent, Nigeria should not sign any agreement without fully comprehending its impact on the economy and wellbeing of the People.

The President of MAN, made the remarks at a Meeting with the African Union Commission, AUC, Chairperson, Moussa Faki Mohamat, during his visit to Nigeria recently.

“It is an open secret that, given Nigeria’s demography and rapidly growing population any initiative of far-reaching consequences on the survival of our fledging manufacturing sector and the production sector, in general, must be approached with great caution.

“At the minimum, we insist that a detailed study of the potential benefits and costs to the various sectors and sub-sectors of the economy must be undertaken”

Ahmed said adequate consultations with key affected stakeholders are necessary to identify opportunities and risks that would result from implementation of the agreement, to mitigate any negative fallouts and facilitate access of potential opportunities.

He noted with gratification, the approach of Government- inauguration by President Buhari, of a high-level multi-stakeholder Committee to assess the impact and Nigeria’s readiness for the AFCFTA.

Ahmed said MAN should be in a position to fully support whatever action Federal Government takes when the Committee completes its assignment and establishes Nigeria’s readiness for AFCTA within the next three months.

President Muhammadu Buhari had on October 22, 2018, inaugurated a Committee for Impact and Readiness Assessment of African Continental Free Trade Area (AfCFTA) in State House, Abuja